Veracyte (NASDAQ:VCYT) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Veracyte (NASDAQ:VCYT) announced its quarterly earnings data on Monday. The biotechnology company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.05), Zacks reports. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%.

Veracyte Stock Performance

Shares of NASDAQ VCYT traded up $0.18 during mid-day trading on Monday, reaching $39.36. The company’s stock had a trading volume of 1,097,688 shares, compared to its average volume of 796,854. The stock has a market capitalization of $3.05 billion, a P/E ratio of -262.40 and a beta of 1.71. Veracyte has a 1-year low of $18.61 and a 1-year high of $47.32. The stock has a 50-day moving average of $41.96 and a two-hundred day moving average of $37.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on VCYT shares. Needham & Company LLC upped their price objective on shares of Veracyte from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price objective (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Morgan Stanley lifted their target price on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. Scotiabank upped their price target on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. Finally, StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Insider Activity

In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the transaction, the director now owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. This represents a 35.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of Veracyte stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total value of $302,610.00. Following the completion of the transaction, the chief financial officer now owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,565 shares of company stock worth $1,031,406 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.